Realisation update

 
TIDMTAR 
 
THIRD ADVANCE VALUE REALISATION COMPANY LIMITED 
EXPECTED TIMETABLE FOR LIQUIDATION OF THE COMPANY 
 
 
The Board is pleased to announce that on 20 January 2009 the  Company 
has realised the last of its investments in its portfolio and that it 
expects the liquidation of the Company to commence before the end  of 
March 2009. 
 
The Company's  unaudited net  assets  as at  20 January  2009  before 
provision for liquidation costs amount to GBP10.7 million. Cash and  UK 
Treasury Bills  comprised  GBP10.8 million  and  these were  offset  by 
certain net current liabilities amounting to GBP0.1 million. 
 
The Board now considers it  appropriate to provide for the  remaining 
estimated costs of liquidating the Company and of running the Company 
until the appointment of the liquidator. The Company's unaudited  net 
asset value after providing for the estimated costs of liquidation is 
73.05p per  share  as  at  20  January  2009.  In  order  to  provide 
shareholders with relevant  information future  announcements of  the 
Company's net asset value will be made on this basis. 
 
The Company has received an update  on the potential recovery of  VAT 
incurred on management fees in earlier periods from the Manager which 
has submitted claims to HM Revenue & Customs. The Directors  estimate 
that  an  amount  of  approximately  GBP250,000  could  be   recovered, 
equivalent to 1.71 p  per share, but no  accrual for this amount  has 
been made in the net asset value at this time. 
 
The Board expects that a circular will be sent to shareholders by the 
end of February 2009 to  convene an extraordinary general meeting  at 
which the appointment  of a  liquidator will be  proposed. This  will 
enable net cash to be returned to shareholders. In the event that the 
VAT recovery is delayed  beyond the date  of this cash  distribution, 
the liquidation will  be held open  so that the  VAT proceeds can  be 
distributed. 
 
 
21 January 2009 
 
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